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CDSBench
Kingdom of Vestmark · Sovereign · Restructuring · 2025-05-22

Kingdom of Vestmark 2025 (B)

publisheddevelopment split10 verified of 10 questions · 2 documents · 1 instruments

Kingdom of Vestmark experienced a restructuring credit event in 2025. The record contains the terms of the NOK 2046 Notes, a Determinations Committee notice.

Timeline

What happened, when

  1. 2022-05-22Notes issued.
  2. 2025-05-22Credit event determined.
Instruments

Obligations in scope

InstrumentIssuerIdentifiersCurrencyMaturitySeniorityQuestions
NOK 2046 NotesKingdom of VestmarkISIN XS1000126704NOK2046-05-22Senior10
Key question · #167 · 2 of 4 models missed
Which section of the record establishes the seniority (ranking) of the instrument? Answer with the section identifier (e…
Claude GPT Gemini Mastermind
Key question · #159 · 1 of 4 models missed
What is the maturity date of the instrument? Answer as YYYY-MM-DD.
Claude GPT Gemini Mastermind
Case Replays

Every benchmark question and how each model did

#QuestionLevelVerifiedClaudeGPTGeminiMastermind
159What is the maturity date of the instrument? Answer as YYYY-MM-DD.Fact extraction2046-05-22deterministically verified✓✓✕✓
160In which currency is the instrument denominated? Answer with the ISO currency code.Fact extractionNOKdeterministically verified✓✓✓✓
161Does the instrument's maturity satisfy a maximum maturity of 30 years measured from the cr…Rule applicationYesdeterministically verified✓✓✓✓
162Is the instrument denominated in a Specified Currency (USD, EUR, JPY, GBP, CHF, CAD)?Rule applicationNodeterministically verified✓✓✓✓
163Is the instrument subordinated?Rule applicationNodeterministically verified✓✓✓✓
164Is the instrument transferable without the consent of the Issuer?Document interpretationYesdeterministically verified✓✓✓✓
165Applying the standard Deliverable Obligation Characteristics (Not Subordinated, Specified …DeliverabilityIneligibledeterministically verified✓✓✓✓
166Is the issuer of the instrument the Reference Entity or a recognised successor of it accor…Rule applicationYesdeterministically verified✓✓✓✓
167Which section of the record establishes the seniority (ranking) of the instrument? Answer …Fact extractionDOC-1#S4deterministically verified✓✕✕✓
168Does the record contain enough evidence to reach a reliable deliverability conclusion with…UncertaintyYesdeterministically verified✓✓✓✓
Public documents

The record

  • DOC-1 NOK 2046 Notes — Terms and Conditions (excerpt)
  • DOC-2 Determinations Committee notice — Kingdom of Vestmark
Related cases

Precedents by structure, not by keyword

  • Kingdom of Vestmark 2026Ineligible
    Why relevant
    Same credit event type (RESTRUCTURING); Same entity type (SOVEREIGN); Has a verified deliverability outcome; Shared characteristics: currency_fail, sovereign; Similar documentation language
    Important difference
    Facts may still differ in the specific documents; do not copy the outcome.
  • Commonwealth of Tessaly 2025 (B)Ineligible
    Why relevant
    Same credit event type (RESTRUCTURING); Same entity type (SOVEREIGN); Has a verified deliverability outcome; Shared characteristics: sovereign; Similar documentation language
    Important difference
    Facts may still differ in the specific documents; do not copy the outcome.
  • Republic of Sanderia 2025Review
    Why relevant
    Same credit event type (RESTRUCTURING); Same entity type (SOVEREIGN); Has a verified deliverability outcome; Shared characteristics: sovereign; Similar documentation language
    Important difference
    Facts may still differ in the specific documents; do not copy the outcome.
  • Republic of Norland 2024Eligible
    Why relevant
    Same credit event type (RESTRUCTURING); Same entity type (SOVEREIGN); Has a verified deliverability outcome; Shared characteristics: sovereign; Similar documentation language
    Important difference
    Facts may still differ in the specific documents; do not copy the outcome.